M&S profits hit £1bn

Marks & Spencer has reported pre-tax profits of more than £1bn as it warns that market conditions will "remain difficult for the foreseeable future." It says that like-for-like sales in both food and clothing were both down for the year to March 29.

The retailer reported that sales overall were up by 5.1% to £9bn with UK sales up by 4.2% and international sales up by 16.8%. However, despite a 1.7% increase in UK profits like-for-like sales for clothing fell by 0.5% and food by 0.4%.

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